FDU Survey Finds New Jersey Economic Outlook Deteriorating
From the Star Ledger:
Biz Buzz: Jerseyans not too thrilled with the economy
A survey by researchers at Fairleigh Dickinson University finds New Jersey residents are scaling back their expectations for the economy and for their own economic well-being.
"Their enthusiasm about future prospects for their financial position and for business conditions in the state has been tempered by the events of the past year," says James Almeida, chairman of the department of marketing and entrepreneurial studies at FDU's Silberman College of Business.
Last year, 52 percent of those surveyed were bullish about their financial future, but this time it slipped to 42 percent. About 30 percent said they worry their finances will deteriorate during the next year, versus only 19 percent a year ago.
Caveat Emptor!
Grim
Biz Buzz: Jerseyans not too thrilled with the economy
A survey by researchers at Fairleigh Dickinson University finds New Jersey residents are scaling back their expectations for the economy and for their own economic well-being.
"Their enthusiasm about future prospects for their financial position and for business conditions in the state has been tempered by the events of the past year," says James Almeida, chairman of the department of marketing and entrepreneurial studies at FDU's Silberman College of Business.
Last year, 52 percent of those surveyed were bullish about their financial future, but this time it slipped to 42 percent. About 30 percent said they worry their finances will deteriorate during the next year, versus only 19 percent a year ago.
Caveat Emptor!
Grim
9 Comments:
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This is just evidence of the deteriorating economic base here in NJ actually being felt at the level of the common person. That Hughes and Seneca study in a previous post gives the data, this study gives the pulse.
IO loans, higher credit card minimum payments, higher fuel/energy cost and their uncertainties. Are taking away any cushion new homebuyers may have had in the last few years. Lifestyles will and are being crimped
I have noticed people being more frugal these days compared to even last year.
The thing I find most striking is that the supermarkets have been relatively quiet for the past several months. Not a good sign when people are avoiding grocery shopping.
Hey, rentinginnj
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I don't know much about FDU's agenda. But if they did the survey well it can be taken as a true sentiment. BTW I used to do polling for Gallup and there are ways to skew the poll if you are the caller but by and large they are pretty accurate.
NJ economy is highly reliant on pharmaceutical, telecom/tech RE/Construction and Finance/Banking.
We all know the huge downsizing in telecom and tech. Now it's pharmaceutical companies. i expect Schering plough and Bristol Myeres to be merged so there goes huge number of layoffs.
As Real estate continues to weaken banking and construction will suffer.
It it very likely based on stagnant wages consolidating weakening industries along with increasing energy and property taxes that the NJ resident is getting squeezed. Hosue prices will come down substantially to bring affordabilty back in to norm.
I found their website and previous polls taken.
http://publicmind.fdu.edu/index.html
Here is their mission statement:
The mission of Fairleigh Dickinson University’s PublicMind is to advance public discourse by publicizing interesting and controversial data and analyses.
In addition to its public polls, Fairleigh Dickinson University’s PublicMind is available to conduct, analyze, and interpret survey and other research for corporations, non-profit entities, university faculty, researchers, and local, county, state, and federal government organizations.
PublicMind surveys international, national, regional, and specialized populations on local, state, national, and global issues.
We integrate our polls and research with resident faculty experts and professors, as well as a broad range of highly specialized academic associates all of whom are available for further analysis of data and interviews.
PublicMind has conducted well-publicized surveys on:
Presidential and New Jersey gubernatorial, Senate, and state legislative races,
Homeland security, terrorism, SARS, and disaster preparedness,
New Jersey’s state budget,
National energy policy,
Environmental attitudes,
Development and suburban sprawl
PublicMind:
created the New Jersey Index of Consumer Performance and Index of Consumer Intentions.
also hosts workshops for public officials on survey design, methodology, and analysis.
PublicMind’s telephone field house partner is TMR Incorporated, a marketing/opinion research and data collection firm with offices in New Jersey, Colorado, Pennsylvania, and California. All TMR facilities have the capability for on-site and remote monitoring. All interviewing stations are equipped for CATI (Computer Assisted Telephone Interviewing). TMR's 200 interviewing stations are equipped with Query, CfMC and Results CATI software systems. Each facility is managed by an experienced telephone research professional and has a full complement of supervisors and editors.
Read some of their poll results and decide for your self what their bias is. I personally think it is to be a booster of the state.
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